55 h. ago Hong Kong striving to create favourable environment for stablecoins: Paul Chan

Hong Kong authorities will strive to create a conducive environment for the wide-ranging application of stablecoins in a bid to provide practical help for businesses to resolve cross-border payment issues, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po on Sunday reaffirmed the government’s efforts in applying fintech to resolve long-standing “pain points” such as slow and costly cross-border payments, highlighting new stablecoin laws set to take effect on August...

Politics

6 d. ago Hong Kong’s strengths in bridging East and West amid trade war: finance chief

Hong Kong’s finance minister has dismissed concerns that foreigners are avoiding the city because of its strong connections to the mainland Chinese market amid the trade war, saying that investors are showing their confidence with their capital. At the “Summer Davos” forum on Wednesday, Financial Secretary Paul Chan Mo-po said Hong Kong’s strengths lay in giving investors priority access to the mainland market while helping businesses across the border to go global and diversify their supply...

Events

6 d. ago Hong Kong’s strengths lie in bridging East, West amid trade war: finance chief

Hong Kong’s finance minister has dismissed concerns that foreigners are avoiding the city because of its strong connections to the mainland Chinese market amid the trade war, saying that investors are showing their confidence with their capital. At the “Summer Davos” forum on Wednesday, Financial Secretary Paul Chan Mo-po said Hong Kong’s strengths lay in giving investors priority access to the mainland market while helping businesses across the border to go global and diversify their supply...

Events

6 d. ago Not just manufacturing: Li Qiang vows China will be major consumption power

Premier Li Qiang has pledged that China will become a “consumption powerhouse” capable of fuelling domestic and global growth, even as he acknowledged the country was grappling with a slump in cross-border investment and persistent trade tensions. Speaking at the World Economic Forum’s annual meeting in Tianjin on Wednesday, Li reiterated Beijing’s commitment to boosting demand in the world’s second-largest economy and defending globalisation. “This will make China a mega-sized consumption...

Politics

6 d. ago Financial Secretary Paul Chan Attends Summer Davos and AIIB Gala in Tianjin and Beijing

Financial Secretary Paul Chan Attends Summer Davos and AIIB Gala in Tianjin and Beijing  bastillepost.com

Politics

7 d. ago China continues warning of heat waves as temperatures may go over 40 C in Beijing

China continues warning of heat waves as temperatures may go over 40 C in Beijing-Tianjin-Hebei region  Global Times

Events

8 d. ago Hong Kong to keep expanding land bank, but not to offset deficit: Paul Chan

Hong Kong will press on with building up its land bank but adopt a cautious stance on selling the sites, the finance chief has said, rejecting the notion the government is rushing to find and sell parcels to offset the budget deficit. Financial Secretary Paul Chan Mo-po also said in a recent interview that the government would address plans to build artificial islands off Lantau waters “later”, despite calls from developers to halt the project immediately. “We will not stop [creating land]...

Politics

8 d. ago China Accelerates Development of New Global Consumption Centers in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing

China Accelerates Development of New Global Consumption Centers in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing  Travel And Tour World

Politics

9 d. ago Financial Secretary Paul Chan to visit Tianjin and Beijing for World Economic Forum and AIIB meetings.

Financial Secretary Paul Chan to visit Tianjin and Beijing for World Economic Forum and AIIB meetings.  bastillepost.com

Economics

2 w. ago Hong Kong, Shanghai to tighten financial ties at Lujiazui Forum

Hong Kong and Shanghai will sign a deal to increase collaboration in the financial sphere at the Lujiazui Forum on Wednesday, as the cities strengthen links to better withstand the implications of geopolitical tensions. Financial Secretary Paul Chan Mo-po will be present for the signing of an action plan for collaborative development between the two cities on the opening day of the two-day forum in Shanghai, according to a statement from the Hong Kong government, which did not provide more...

Politics

2 w. ago New stablecoin law to enhance Hong Kong’s financial appeal to global issuers: Chan

The expected increase in market demand for stablecoins will encourage licensed institutions overseas to issue such cryptocurrencies in Hong Kong, boosting competitiveness, according to the city’s financial chief as it prepares for its regulatory regime to take effect in August. In his weekly blog on Sunday, Financial Secretary Paul Chan Mo-po said that the city market value of stablecoins globally was estimated at around US$240 billion, with trading volume exceeding US$20 trillion last...

Politics

3 w. ago Hong Kong’s Paul Chan expects tourism sector to make robust recovery in 2025

Hong Kong’s finance chief expects the tourism sector to make a robust recovery this year, citing the 10 and 18 per cent year-on-year growth in the number of mainland Chinese and international visitor arrivals recorded in the first five months. Financial Secretary Paul Chan Mo-po also said he was confident the figures would continue to go up, partly thanks to a series of mega-events set to be held throughout the year. In his weekly blog on Sunday, he noted that the city recorded about 20 million...

Politics

3 w. ago Social media giant RedNote opens Hong Kong office, its first outside mainland

Chinese social media giant RedNote has opened an office in Hong Kong, its first outside mainland China, a move the city’s finance chief hopes will provide a boost to local businesses and the platform’s international expansion. Financial Secretary Paul Chan Mo-po said on Saturday that he had personally invited the company, also known as Xiaohongshu, to set up a base in the city. “When I visited Shanghai at the end of last year, I made a special visit to Xiaohongshu’s headquarters,” Chan wrote on...

Politics

3 w. ago Hong Kong Chinese Orchestra to tour in Beijing and Tianjin next week

Hong Kong Chinese Orchestra to tour in Beijing and Tianjin next week  The Standard (HK)

Politics

4 w. ago Hong Kong to stick with 2% to 3% growth goal despite strong first quarter: Chan

Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city’s finance chief has said, while describing the anticipated rapid gains in the first quarter as an “exception” rather than the norm. Financial Secretary Paul Chan Mo-po also said on Monday that authorities would “prepare for the worst” despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption. The...

Politics

last month ‘Credible’ new global mediation body will draw investors to Hong Kong: Paul Chan

The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the economy shifts towards these developing countries, the city’s finance minister has said. Financial Secretary Paul Chan Mo-po said on Sunday the inauguration of the China-led body on Friday established Hong Kong’s role as the global legal and mediation centre for the Asia-Pacific region. “An efficient,...

Economics